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Carl Icahn Discloses Large Position In Allergan (AGN)
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Activist investor Carl Icahn disclosed a “large position” in Allergan Tuesday morning. Shares of the Ireland-based drug maker, which recently had its massive merger with Pfizer (PFE - Free Report) blocked by government regulators, popped nearly 3% in premarket trading after the announcement.
According to a statement on his website, Icahn, who notoriously advocates for management and strategy changes in companies he holds positions in, is very supportive of Allergan CEO Brent Saunders.
“We were instrumental in bringing Brent on board as the new CEO of Forest Labs a few years ago and worked cooperatively and constructively with him to help increase value for all Forest shareholders... We have every confidence in Brent’s ability to enhance value for all Allergan shareholders,” said Icahn.
The entire statement was brief and did not disclose how large Icahn’s stake is, nor did it discuss what, if any, changes he wants to see the company make. In an interview with CNBC, an Allergan spokesperson said that the company recognizes Icahn’s position and “has no reason to believe that this investment was made for purposes of influencing the actions of management or control of the company.”
“We welcome all investors who recognize the value of our business. The Company is grateful for the confidence of our investors, whether they are new holders or have been long-term investors,” spokesman Mark Marmur said.
Icahn’s announcement comes less than two months after new government regulations halted the company’s merger with Pfizer. The $160 billion deal was stymied by the Obama administration’s tougher rules on inversion, a business practice wherein a company will merge with a foreign rival to benefit from lower tax rates.
Following Allergan’s pre-market pop, the stock has dropped back down and is currently up about 0.60% on the day.
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Carl Icahn Discloses Large Position In Allergan (AGN)
Activist investor Carl Icahn disclosed a “large position” in Allergan Tuesday morning. Shares of the Ireland-based drug maker, which recently had its massive merger with Pfizer (PFE - Free Report) blocked by government regulators, popped nearly 3% in premarket trading after the announcement.
According to a statement on his website, Icahn, who notoriously advocates for management and strategy changes in companies he holds positions in, is very supportive of Allergan CEO Brent Saunders.
“We were instrumental in bringing Brent on board as the new CEO of Forest Labs a few years ago and worked cooperatively and constructively with him to help increase value for all Forest shareholders... We have every confidence in Brent’s ability to enhance value for all Allergan shareholders,” said Icahn.
The entire statement was brief and did not disclose how large Icahn’s stake is, nor did it discuss what, if any, changes he wants to see the company make. In an interview with CNBC, an Allergan spokesperson said that the company recognizes Icahn’s position and “has no reason to believe that this investment was made for purposes of influencing the actions of management or control of the company.”
“We welcome all investors who recognize the value of our business. The Company is grateful for the confidence of our investors, whether they are new holders or have been long-term investors,” spokesman Mark Marmur said.
Icahn’s announcement comes less than two months after new government regulations halted the company’s merger with Pfizer. The $160 billion deal was stymied by the Obama administration’s tougher rules on inversion, a business practice wherein a company will merge with a foreign rival to benefit from lower tax rates.
Following Allergan’s pre-market pop, the stock has dropped back down and is currently up about 0.60% on the day.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>